Profit rebound: Online gambling company Amaya Inc., object of a takeover bid by former chief executive officer David Baazov, today reported third-quarter revenue of $270 million (U.S.) for the period ended Sept. 30, a 9.5 per cent hike from a year ago. Net earnings were $84.9 million (U.S.), up from $69 million. Rafi Ashkenazi, chief executive officer, said the company delivered “strong performance.” Baazov and partners are offering $24 a share the Montreal-based company, which values it at about $3.6 billion. Amaya paid $4.9 billion (U.S.) in 2014 to acquire PokerStars, a deal that led to Baazov’s exit from the company earlier this year. He resigned as CEO in March after Quebec’s securities regulator, L’Autorité des marchés financiers (AMF), charged him with insider trading and communicating privileged information about the company. He exited Amaya in August, though he remains a major shareholder. Baazov is contesting the AMF charges.

Efficiency deficiency: A new study of the Société des Alcools du Québec (SAQ) by the centre for productivity and prosperity at Ecole des Hautes Etudes Commerciales (HEC) has determined the government liquor corporation has made no significant productivity gains since the late 1980s. “It means that the Quebec government has not benefited as much as it could have from retail alcohol sales. By neglecting the importance of efficiency at the SAQ, the government has forgone potential additional income, or else it has forced consumers to pay more for their alcohol,” said Robert Gagné, director of the centre. The study says the SAQ’s ambitious expansion of the 1990s was a major blow to productivity, since “it was unable to efficiently manage the rapid growth in the number of outlets.” It concludes that the Quebec government should set efficiency goals as well as dividend goals for the corporation. “In the end, it is Quebec society as a whole that would benefit from closer oversight of the SAQ’s operations, through lower prices for consumers or higher dividends for the government,” Gagné said.

Currency angst: Long lines have grown longer, scuffles have broken out and chaotic scenes are being seen across India as millions of people wait to change old currency notes that have become worthless after the government demonetized high-value bills. Angry scuffles broke out on the weekend in New Delhi after ATM machines ran out of bills. Minor stampedes occurred in two places when thousands of people waiting in line surged forward to enter the building. Earlier last week, India’s government made a surprise announcement that all 500- and 1,000-rupee notes had no cash value in an effort to tackle corruption and tax evasion.

Food angst: A new study suggests nearly one-quarter of Canadians are worried about how to pay for groceries, with more than 50 per cent shifting their shopping habits amid fluctuating food prices. The findings were called surprising by lead researcher Sylvain Charlebois, dean of the faculty of management at Dalhousie University in Halifax. The analysis surveyed more than 1,000 adults in Canada online between Oct. 8 and Oct. 31 to determine if price swings prompted shoppers to rethink how they choose pantry staples. Charlebois said it’s significant that 24.3 per cent of the respondents were concerned about food security for their families. He said it’s been a unique year for food prices, in which food inflation rates started above normal before entering into a period of deflation. In September, for example, the fresh vegetable index — a selection of produce that Statistics Canada tracks the price of monthly — was down year-over-year for the first time since January 2013.

Mixed emotions: European shares opened higher today after a mixed day in Asian markets, still digesting last week’s election of Donald Trump as U.S. president. In the U.S., markets responded favourably to Trump’s election, with the Dow Jones Industrial Average setting another record Friday at 18,847. Crude oil prices have hurt Canadian markets and they’re still going down, below $43 (U.S.) a barrel today. The Canadian dollar is trading at 73.7 cents (U.S.).

Comments

We encourage all readers to share their views on our articles and blog posts. We are committed to maintaining a lively but civil forum for discussion, so we ask you to avoid personal attacks, and please keep your comments relevant and respectful. If you encounter a comment that is abusive, click the "X" in the upper right corner of the comment box to report spam or abuse. We are using Facebook commenting. Visit our FAQ page for more information.

Almost Done!

Postmedia wants to improve your reading experience as well as share the best deals and promotions from our advertisers with you. The information below will be used to optimize the content and make ads across the network more relevant to you. You can always change the information you share with us by editing your profile.

By clicking "Create Account", I hearby grant permission to Market to use my account information to create my account.

I also accept and agree to be bound by Postmedia's Terms and Conditions with respect to my use of the Site and I have read and understand Postmedia's Privacy Statement. I consent to the collection, use, maintenance, and disclosure of my information in accordance with the Postmedia's Privacy Policy.

Postmedia wants to improve your reading experience as well as share the best deals and promotions from our advertisers with you. The information below will be used to optimize the content and make ads across the network more relevant to you. You can always change the information you share with us by editing your profile.

By clicking "Create Account", I hearby grant permission to Postmedia to use my account information to create my account.

I also accept and agree to be bound by Postmedia's Terms and Conditions with respect to my use of the Site and I have read and understand Postmedia's Privacy Statement. I consent to the collection, use, maintenance, and disclosure of my information in accordance with the Postmedia's Privacy Policy.